Economy and macroUpdated Yesterday
US wholesale vegetable prices jump; grocery prices rise
US wholesale prices for fresh and dry vegetables rose 27% in the latest reported month, following a 31% increase in the preceding month, Axios reported. Overall wholesale food prices were up 1.7% year over year. Consumer prices measure something different: grocery prices rose 0.4% in the latest month, while fresh vegetable prices increased 2%, including a nearly 8% rise for lettuce. Axios said it remains unclear how much of the wholesale increase will reach shoppers. The report also cited unusually warm weather, crop disease and insect infestations that reduced California lettuce and other leafy-green harvests, as well as higher freight costs and diesel expenses cited by a grocery chain to Federal Reserve officials. Separately, the Saudi Press Agency, citing the US Department of Labor, reported that overall CPI rose 0.4% from September to October, after a 0.6% increase in September; no annual October comparison was published.
Coverage started Yesterday